Online purchasing system supporting lenders with affordability screening

ABSTRACT

A method and system for comparing a plurality of financing options to facilitate the purchase and finance of products offered for sale. The method or system may include a credit application that, once completed, is analyzed. The method or system may also communicate whether the credit application has been approved.

CROSS-REFERENCE TO RELATED APPLICATIONS

The present application is a divisional of application Ser. No.13/224,052, filed on Sep. 1, 2011, which is a continuation ofapplication Ser. No. 09/808,722, which was filed on Mar. 14, 2001, andwhich claims priority to and the benefit of Provisional Application Ser.No. 60/190,825, filed Mar. 21, 2000, Ser. No. 60/214,183, filed Jun. 26,2000 and Ser. No. 60/213,912, filed Jun. 26, 2000. Each of theseapplications, along with Provisional Application Ser. No. 60/214,136 andSer. No. 60/213,912, is hereby incorporated by reference herein in itsentirety.

INCORPORATION BY REFERENCE

United States provisional application Ser. No. 60/190,825 filed Mar. 21,2000, Ser. No. 60/214,183 filed Jun. 26, 2000, Ser. No. 60/214,136 filedJun. 26, 2000, Ser. No. 60/213,912 filed Jun. 26,2000, and Ser. No.60/214,188 filed Jun. 26, 2000 are all hereby incorporated by referenceherein in their entirety.

STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH

N/A

BACKGROUND

1. Technical Field

The present invention relates generally to an online purchasing system;and, more particularly, it relates to an online affordability-basedpurchasing system that is operable to perform screening, filtering, andanalysis for purchases and potential purchases among various lenders andsellers of good(s) and/or service(s).

2. Related Art

Conventional loan approval methods are time-consuming and often involvea considerable amount of wasted effort on the part of buyers, sellersand lenders alike. Typically, when a buyer desires to finance apurchase, the buyer initially spends a significant amount of timeresearching and analyzing various products, often with the assistance ofa seller, before selecting a desired product. The buyer then typicallyspends additional time researching and analyzing various loans of one ormore lenders, again often with the assistance of a seller, beforeselecting a desired loan. The buyer provides the lender or seller withextensive personal financial information, which the lender or selleruses to calculate whether or not the buyer is qualified to finance theselected product with the selected loan.

If the buyer is not qualified, as is often the case, the buyer mustselect a different product, a different loan, or both, requiring thatthe entire time-consuming process be repeated. In many cases, the buyerand the lender or seller undertake several iterations of the processbefore achieving loan approval.

In addition, once loan approval is finally achieved using conventionalmethods, the seller is not able to upsell without having to start over.In other words, if a seller desires to sell upgrades for a selectedproduct or a more expensive product, the buyer and seller must againundertake the entire time-consuming loan approval process before knowingwhether the buyer qualifies to finance the upgrades or the moreexpensive product.

Conventional loan approval methods are also rigid, requiring that thesame steps be performed regardless of the type of product the buyerseeks to finance. Such methods do not permit the seller or lender tomodify loan approval processing, or perform different processingaltogether, depending on the type of product sought to be financed.

Obtaining loan approval using conventional methods is also verylabor-intensive. This is particularly true in situations where theseller is assisting the buyer in the loan approval process withoutlender involvement. Ordinarily in such situations, sellers associatewith one or more lenders, and obtain loan parameters from each lender.The seller uses these parameters in calculating, often manually using anadding machine or calculator, to determine whether or not the buyerqualifies for a particular loan. Lenders modify their parametersregularly, forcing the seller to keep track of all modifications. Insome instances, a seller approves a buyer for a particular loan, only tofind out later that the parameters used for approval are no longervalid. The seller must then recalculate whether or not the buyer isapproved using modified parameters, and if not, select a differentlender and/or loan, or have the buyer select a different productentirely, to ultimately achieve loan approval. The process istime-consuming and often frustrating for both the seller and the buyer.

Also, in such situations where a seller is assisting a buyer in the loanapproval process without lender involvement, the buyer is oftenunknowingly placed in an adverse financial position relative to theseller. Specifically, a seller typically receives a percentage of thefinancial amount (i.e., points) for originating a loan with a lender. Asmentioned above, a seller usually associates with multiple lenders, andwill attempt to “sell” to the buyer a loan that provides the seller withthe greatest amount of points, regardless of whether the interest rateor other parameters of the loan are the best available to the buyer.Conventional loan approval methods do not provide financial incentive tothe seller to identify and present loans most favorable to the buyer.

Conventional online loan platforms also suffer from similar problems.For example, such platforms typically provide a buyer with a creditapplication that, upon completion and submission by the buyer, isforwarded to a lender or lenders. The application is not processed inreal time, but instead is placed in queue where it is eventuallyprocessed by a loan officer, often several hours to several days later.The buyer must wait for a response from each lender, and is notpermitted to ascertain the effect that varying loan parameters may haveon the amount the buyer is qualified to finance. If a buyer desires tomodify the down payment amount or the loan term, the buyer must startall over again by completing and submitting another application. Thedelay inherent in such online platforms often causes buyers to simplywalk away from the purchase.

Even those conventional online loan platforms that claim to offer“automated loan processing” still typically only provide a buyer withmeans for automated data entry. These platforms still typically requireparticipation by a loan officer, and still take several hours to severaldays for loan approval.

Further limitations and disadvantages of conventional and traditionalsystems will become apparent to one of skill in the art throughcomparison of such systems with the present invention as set forth inthe remainder of the present application with reference to the drawings.

SUMMARY OF THE INVENTION

Aspects of the present invention may be found in a credit managementsystem that comprises a first web server used by an individual, such asa buyer, seller or lender, for example, to generate, via a web page on acomputer, a credit application for a buyer. The first web server may bethat used by a single seller's sales site or by a single lender, or maybe that of a third party multi-seller sales system or multi-lendersystem, for example. The computer responds to completion of theapplication and input by the individual to cause the credit applicationto be analyzed based on one or more credit approval criteria. Theanalysis may be associated with the first web server, or a second webserver associated with a third party loan approval portal, for example.In either case, the web server automatically communicates an approval ofthe credit application to the computer if the credit application meetsthe one or more credit approval criteria. In other words, there is noneed for human intervention.

The first web server or the second web server may obtain credit reportinformation about the buyer from a third web server, using all or aportion of the credit application. The third web server may be that of acredit reporting agency, for example. The credit report information, orsome portion of it, may then be used, along with the credit application(or some portion of it) and the credit approval criteria, to make thedetermination of whether or not to approve the credit application. Thecomputer may then display an indication to the individual of approval(or non-approval).

In one embodiment, the indication is contained in an email, or in a webpage (or pages) that is communicated from the first web server (or thesecond web server, if relevant) to the computer. In either case, theindication may be a credit offer. The individual may then, via responseto the email or via the web page delivered, communicate an acceptance ofthe credit offer.

The relevant web server may store the credit application and anindication of the approval of the application in a database. The creditapplication may then be deleted if an acceptance of the credit offer isnot received within a predetermined time period.

In one embodiment, a risk factor is calculated based on the submittedcredit application and compared against one or more risk guidelines tomake the determination whether or not to approve the application. Inthis case, the risk guideline may automatically be updated based on therisk factor calculated when the offer is accepted.

Other aspects, advantages and novel features of the present inventionwill become apparent from the following detailed description of theinvention when considered in conjunction with the accompanying drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

A better understanding of the present invention can be obtained when thefollowing detailed description of various exemplary embodiments areconsidered in conjunction with the following drawings.

FIG. 1 is a system diagram illustrating an online, affordability-basedpurchasing system in accordance with the present invention.

FIG. 2 is a flow diagram illustrating exemplary operational flow of theonline, affordability-based purchasing system of FIG. 1.

FIG. 3 is a functional diagram illustrating the interaction of variouscomponents of the online, affordability-based purchasing system of FIGS.1 and 2.

FIG. 4 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1.

FIG. 5 is a system diagram illustrating a further embodiment of theonline, affordability-based purchasing system of FIG. 1.

FIG. 6 is a system diagram illustrating an embodiment of a loanorigination and acquisition system in accordance with the presentinvention, which may be a stand alone system or incorporated into theonline, affordability-based purchasing system of the present invention.

FIG. 7 is a system diagram illustrating yet another embodiment of theonline affordability-based purchasing system of FIG. 1.

FIG. 8 is a system diagram illustrating a still further embodiment ofthe online, affordability-based purchasing system of FIG. 1.

FIG. 9 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1 that utilizes anaffordability portal.

FIG. 10 is a functional block diagram illustrating one embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention.

FIG. 11 is a functional block diagram illustrating another embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention.

FIG. 12 is a perspective diagram showing the various entitiesparticipating in a lending network that also comprises a plurality ofseller systems and buyer browser software.

FIG. 13 is an exemplary flow chart depicting loan processing operationsapplied by a lending institution to a credit application received from abuyer.

FIG. 14 is a flow chart depicting an exemplary loan portfolio managementoperation performed by a lending institution while processing creditapplications received from buyers.

FIG. 15 is a flow chart depicting an exemplary loan offer managementoperation in a multi-lender loan system where individual lenders canacquire a plurality of credit requests from buyers and where amulti-lender loan system can advise individual lenders on market trendsand current parameters of lending activities.

FIG. 16 is a flow chart depicting an exemplary loan processing operationby a lending institution where individual branch offices can implementdifferent lending practices and manipulate different lending parametersthan those specified by their parent organizations.

FIG. 17 is a flow chart depicting exemplary interactions betweenparallel affordability engines and the ability to communicate changesamong and between them.

FIG. 18 is a flow chart depicting exemplary loan processing in amulti-lender credit environment where different participating lendersemploy different qualification parameters and policies.

FIG. 19 is a flow chart depicting exemplary loan processing in amulti-lender credit environment where some credit applicants apply forcredit with cosigners in an attempt to improve their chances ofacquiring loans from lenders.

FIG. 20 is a flow chart depicting functionality of a multi-lender creditsystem for assisting a lender in completing loan qualification andtransaction completion for a previously initiated transaction session.

DETAILED DESCRIPTION OF THE INVENTION

FIG. 1 is a system diagram illustrating an online, affordability-basedpurchasing system 110 in accordance with the present invention. Theonline affordability-based purchasing system 110 enables a buyer toperuse a number of available good(s) and/or service(s) (“product(s)”) todetermine which of the products the buyer would like to purchase. Withinthe context of the detailed description of the invention containedherein, reference to a buyer also includes a potential buyer, as well asa buyer/potential buyer who is invoking the system to determine theavailability of products for purchase or potential purchase. The online,affordability-based purchasing system 110 also enables a buyer to obtainfinancing for those products the buyer desires to purchase on credit.Within the context of the detailed description of the inventioncontained herein, reference to a loan, financing or credit also includeslease.

The online, affordability-based purchasing system 110 may include, amongother components, a buyer interface (I/F) 120 that is operative toenable a buyer to interface with a lender 1 160 and a seller 1 170. Thelender 1 160 contains a number of loan profiles illustrated by, forexample, a loan profile A 162, a loan profile B 164, and a loan profileN 169. In addition, multiple lenders are included within the scope andspirit of the invention as illustrated in the FIG. 1, each containing anumber of loan profiles in similar fashion to the lender 1 160. Thebuyer interface (I/F) 120 is operable to interface with each of theselenders as well.

Similarly, the seller 1 170 offers a number of good(s) and/or service(s)illustrated by, for example, a good(s) and/or service(s) A 172, agood(s) and/or service(s) B 174, and a good(s) and/or service(s) N 179.In addition, multiple sellers are included within the scope and spiritof the invention as illustrated in the FIG. 1, each containing a numberof good(s) and/or service(s) in similar fashion to the seller 1 170. Thebuyer interface (I/F) 120 is operable to interface with each of thesesellers as well.

The online, affordability-based purchasing system 110 includes, forexample, a selection screening component 130, a credit analysis engine140 and loan affordability filtering component 150. The selectionscreening component 130 enables a buyer to select desired products foranalysis or purchase as well select desired loans. A buyer, via thebuyer interface (IF) 120, provides buyer information to the creditanalysis engine 140. The credit analysis engine 140 uses the buyerinformation, loan profile or parameter information of one or morelenders, and buyer credit information to determine the specificproduct(s) the buyer can afford to finance. The loan affordabilityfiltering screening component 150 then indicates to the buyer thosespecific product(s) and the specific loan(s) that can be used to financethose product(s).

The loan profile or parameter information used by the credit analysisengine 140 may or may not require that the specific product(s) ofinterest and/or the seller(s) of those product(s) be considered inaffordability calculations. For example, for loans that apply to allproduct(s) and seller(s), the credit analysis engine 140 simplycalculates a maximum loan amount that the buyer can afford for eachparticular loan of each lender, without considering the specificproduct(s) of interest and/or the seller(s) of those product(s). Thecalculated maximum loan amount for each loan is then beat against theproducts of interest, and the specific product(s) that the buyer canafford to finance are identified or selected. The identified product(s),and the loan(s) applicable to each, are then displayed.

Some loan profiles may, however, require that the product(s) and/or theseller(s) be considered. In other words, a loan may only apply to aparticular product, to a particular model of a product and/or to aparticular seller. For example, in the case where the product ofinterest is an automobile or other vehicle, a lender may only offer acertain interest rate (e.g., 2.9%) for a specific manufacturer's model(e.g., Ford Explorer). Alternatively, a lender may only offer loans forspecific manufacturer's products, because, for example, those productstypically have a higher residual or resale value. Or a lender may onlyfinance a certain type of product, such as an automobile or home, forexample. In any case, the credit analysis engine 140 is “smart” in thatit uses this type of limiting information in calculating affordability.

Specifically, the credit analysis engine 140 is operable to beat thevarious loan profiles, for example, the loan profile A 162, the loanprofile B 164, up to the loan profile N 169 of FIG. 1, against theavailable good(s) and/or service(s), for example, the good(s) and/orservice(s) A 172, the good(s) and/or service(s) B 174, up to the good(s)and/or service(s) N 179 of FIG. 1, to identify or select those good(s)and/or service(s) that a buyer is qualified to finance. Only thosegood(s) and/or service(s) that a buyer is qualified to finance are thendisplayed to the buyer. Alternatively, all of the good(s) and/orservice(s) selected by the buyer are displayed, and those good(s) and/orservice(s) for which the buyer does not qualify for financing areindicated as such upon display.

In any case, the buyer may select a product and an associated loan usingthe selection screening component 130 and close the deal. As discussedmore completely below, the buyer may also use the selection screeningcomponent 130 prior to the credit analysis and affordabilityfunctionality to pre-select only a portion of all the availableproducts. Only these pre-selected products are then used in theaffordability analysis.

The online, affordability-based purchasing system 110 may also be usedto provide credit advice to a buyer. For example, the online,affordability-based purchasing system 110 may be implemented to enablethe buyer to better manage the buyer's own finances so that the buyermay maximize his/her affordability-based financing. In one instance, forexample, the credit analysis engine 140 may identify that if a buyerchanges certain financial variables, such as, for example, reducinghis/her revolving debt by a certain amount, increasing the down paymentbeing offered by a certain amount, and/or modifying the loan term, thebuyer would then qualify to finance more expensive or a greater numberof product(s), or qualify for a greater number of loans. The creditanalysis engine 140 may then cause all or a portion of this informationto be displayed to the buyer to enable the buyer to modify the buyer'spersonal financial variables, if desired.

Of course, it should be understood that the functionality of the creditanalysis engine 140 and the affordability filtering component 150 may beincorporated into a single engine or component.

FIG. 2 is a flow diagram illustrating exemplary operational flow of theonline, affordability-based purchasing system of FIG. 1. The system isoperable for a buyer to first enter an online sales system(s) 210. Inchoosing a path 254, the buyer elects loan affordability filtering 230based on all available good(s) and/or service(s) 212 that are offeredwithin the system. The loan affordability filtering 230 determines thoseaffordable good(s) and/or service(s) 232 from all available good(s)and/or service(s) 212. The buyer is provided with only those good(s)and/or service(s) that the buyer can afford with or without financing.In other words, the system performs loan affordability filtering anddisplays only those good(s) and/or service(s) for which the buyer canqualify for financing, and/or good(s) and/or service(s) that the buyermay purchase outright without financing. Then, following a path 258, thebuyer selects the desired goods and/or service(s) 222 usingpost-selection screening 220. Finally, following a path 259, the buyerpurchases the selected, affordable good(s) and/or service(s), asindicated at loan based good(s) and/or service(s) purchase 240. Thesequence via the paths 254, 258, and 259 represents one embodiment ofthe operational flow of the invention that provides for no pre-selectionof good(s) and/or service(s).

Alternatively, the buyer enters the online sales system(s) 210 and,following a path 252, elects to perform pre-selection screening 220. Thebuyer pre-selects certain good(s) and/or service(s) from all availablegood(s) and/or service(s) 212 that are offered within the system. Thebuyer may then purchase the pre-selected goods via the loan basedgood(s) and/or service(s) purchase 240 if the buyer already hasfinancing for the purchase. Alternatively, following a path 256, thebuyer may elect loan affordability filtering 230, which selects anddisplays only those of the pre-selected good(s) and/or service(s) 222that the buyer can afford to finance. The buyer may then select one ofthe affordable good(s) and/or service(s) 232, and purchase, followingpath 259, the selected good(s) and/or service(s).

As can be seen, the selection screening 220 may be performed by thebuyer either before and/or after performing the loan affordabilityfiltering 230. In addition, loan affordability filtering may beperformed a number of times before a buyer selects goods for purchase.For example, after loan affordability is performed once, a buyer may usepost-selection screening to select a subset of affordable products, andthen may decide to modify certain financial variables, such as downpayment or loan term, and then perform loan affordability filteringagain to see which of the subset of affordable products the buyer canstill afford. This process may be repeated as desired by the buyer.

As mentioned above, in one embodiment, loan affordability filteringpermits display of only those good(s) and/or service(s) that the buyeris qualified to finance. In another embodiment, loan affordabilityfiltering permits displays of all selected good(s) and/or service(s),but indicates to the buyer those that the buyer is not qualified tofinance. For example, those good(s) and/or service(s) for whichfinancing cannot be secured may be highlighted or printed in apre-determined color, such as red, for example. Those good(s) and/orservice(s) for which the buyer is qualified to finance may similarly behighlighted or printed in another pre-determined color, such as green,for example. In addition, a third category may also be used.Specifically, for example, “borderline” good(s) and/or service(s) may behighlighted or printed in a third pre-determined color, such as yellow,for example. A third category as such may represent those good(s) and/orservice(s) that the buyer could potentially finance if the buyer were tochange one or more loan parameters, such as, for example, increasing thebuyer's down payment or reducing a certain amount of the buyer'spre-existing debt. In any case, any number of ways to indicate loanaffordability filtering results are possible, and are included withinthe scope of the invention.

FIG. 3 is a functional diagram illustrating the interaction of variouscomponents of the online, affordability-based purchasing system of FIGS.1 and 2. The online, affordability-based purchasing system includesclient browser software (S/W) 310 that is used by a client, such as abuyer, lender or seller, for example, to interact with the othercomponents or the system. For example, using the client browser software(S/W) 310, a client may interact with catalog/sales inventory serversoftware (S/W) 320 to access what good(s) and/or service(s) areavailable from any number of providers of good(s) and/or service(s) inaccordance with any of the various embodiments of the invention.Similarly, a client may interact with loan acquisition software (S/W)360 and loan origination server software (S/W) 380 to perform loanacquisition and loan origination, respectively.

The system also includes a loan approval engine 330 that determineswhether the buyer qualifies for financing to assist in any purchase, andin the event the buyer does qualify for financing, determines the amountand degree of financing for which the buyer is qualified. To performthese determinations, the loan approval engine 330 uses, among otherthings, multiple loan profiles 340 and a lender's loan database (dB)350. The loan approval engine 330 is operable to perform loan approvalanalysis for the buyer on a good and/or service basis.

In addition, the loan approval engine 330 is operable to perform loanapproval analysis for a buyer on a category basis. More particularly,various categories of products typically have different qualificationsstandards. For example, different parameters are considered to qualify abuyer for a home purchase, as compared to those considered to qualify abuyer for an automobile purchase, as compared to those considered toqualify a buyer for a consumer product purchase, and so on. The loanapproval engine 330 is capable of performing different analyses as afunction of the specific purchase for which financing is being soughtand on a category basis.

The multiple loan profiles 340 correspond to the different loan profilesprovided by various lenders, some or all of which are contained withinthe lender's loan database (dB) 350. In one embodiment, the multipleloan profiles 340 and the loan approval engine 330 are co-located. Inanother embodiment, they are located in different locations.

As mentioned above, to originate a loan using traditional approaches, aloan approval officer or seller must execute a large amount of paperworkand verify certain buyer related parameters (such as, for example, theemployment of a buyer who seeks the loan) before the loan can beapproved for that buyer. The loan origination server software (S/W) 380is operative, in conjunction with the loan approval engine 330, themultiple loan profiles 340, and the lender's loan database (dB) 350, toperform automated loan approval. The loan origination server software380 performs all of the processing and paperwork that is required toperform loan approval, and may also include buyer signature capturefunctionality. The automated system enables loan origination without theassistance of a loan approval officer, and enables an employee havinglower qualifications to assist a buyer in interfacing with the system tosecure financing for a purchase. In fact, the loan origination serversoftware (S/W) 380 is operable to perform automated loan originationwithout the necessity of any employee whatsoever. In other words, abuyer may perform loan origination on his/her own, subject, of course,to verification by the lender/seller of information provided by thebuyer.

As mentioned above, lenders may use the loan acquisition software 360 toanalyze and purchase desirable loans. The loan origination acquisitionsoftware (S/W) 360 is further operable to transfer loans that a lendersells to the purchasing institutions.

The system also includes an electronic funds transfer (EFT)/paymentmanager 370 that is operable to coordinate with the buyer to repay aloan that is originated within the system through EFT from a buyer'saccount at a financial institution.

If desired, the system also provides a credit reporting function 390that uses a credit database (dB) 392 and a credit rating engine 394.These components are used in performing credit analysis, as describedabove. These components may also be implemented to perform anonymouscredit reporting for the buyer. A buyer has the option of determining ifhe/she is qualified for a loan, and in the event the buyer is notqualified, the system does not issue a negative credit report (arejection) against the buyer's credit record.

FIG. 4 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1. Multi-lenderloan (pre)approval software (S/W) 410, lender's software (S/W) 420,credit reporting software (S/W) 430, non-integrated single seller salessoftware (S/W) 440, multi-sales portal software (S/W) 450, andintegrated single seller sales software (S/W) 470 all interconnect tothe internet 499. A buyer can access all of the softwares (S/Ws) 410,420, 430, 440, 450, and 470 using a buyer's browser/user interface (IX)460.

The multi-lender loan (pre)approval software (S/W) 410 itself maycontain, among other components, multiple lender profiles 412, a loanapproval engine 414, and a loan origination interface (I/F) 416. Themulti-lender loan (pre)approval software (S/W) 410 is contained on aserver connected to the Internet 499, in one embodiment of theinvention. The multiple lender profiles 412 correspond to various loanproviders who are integrated into the system. The loan approval engine414 uses the multiple lender profiles 412 to perform pre-approval of abuyer's loan request for any of the multiple lenders who are integratedinto the system. In one embodiment of the invention, the loanorigination interface (I/F) 416 enables a buyer, lender or seller topre-approve the buyer for loans of any lenders within the system.

The lender's software (SAY) 420 may contain, among other components, alender's browser/user interface (I/F) 422, loan origination software(S/W) 424, and a lender's approval engine 426, in one embodiment of theinvention. A lender's browser/user interface (I/F) 422 enables a lenderto access, via the Internet 499, any of the other functionality withinthe system. If desired, the loan origination software (S/W) 424 and thelender's approval engine 426 may not be contained within the lender'ssoftware (S/W) 420. Parallel loan approval engines may also be includedin various embodiments of the invention, as shown by the loan approvalengine 414 and the lender's loan approval engine 426. If desired, thelender's software (S/W) 420 is operable to invoke the loan approvalengine 414 via the Internet 499 when the lender's loan approval engine426 is not contained within the lender's software (S/W) 420. Also, theloan origination interface (I/F) 416 and the loan origination software(S/W) 424 are operable in a parallel and cooperative manner as well, inthat the loan origination interface (I/F) 416 may utilize the loanorigination software (S/W) 424.

The credit reporting software (S/W) 430 may contain, among othercomponents, a credit reporting database (dB) 432 and a credit ratingsystem engine 434, in one embodiment of the invention. Alternatively,the credit rating system engine 434 may be located within othercomponents in the system. For example, the functionality provided by thecredit rating system engine 434 may be performed using one or both ofthe loan approval engine 414 and the lender's loan approval engine 426when the credit rating system engine 434 is not included within thecredit reporting software (S/W) 430.

The multi-seller sales portal 450 employs an affordability interface(I/F) 452 and a multi-seller interface (I/F) 454 to allow the buyerusing the system to interact with other components within the system.The multi-seller sales portal 450 also allows any seller within thesystem to access other components within the system. For example, aseller within the system determines whether or not a buyer solicitingthe seller qualifies for certain financing as provided by any lenderparticipating within the system for any of the good(s) and/or service(s)offered by the seller.

The non-integrated single seller sales software (S/W) 440 may contain,among other things, a catalog and sales support function 442. Thenon-integrated single seller sales software (S/W) 440 is operable toperform framing on non-integrated single sellers as requested by a buyerusing the system. For example, framing allows one web page to “frame”the contents of another web page. If desired, the non-integrated singleseller sales software (S/W) 440 surrounds the framed web page with otherinformation as desired by the various other functional blocks within thesystem. For example, a seller frames his own information such as theinventory of his own good(s) and/or service(s) using the non-integratedsingle seller sales software (S/W) 440. The framing performed inaccordance with the present invention may be either dumb or intelligent.Intelligent framing extracts information from the non-integrated singleseller sales web site and processes that information, while the dumbframing simply displays the information from the non-integrated singleseller sales web site.

The integrated single seller sales software (SAY) 470 may contain, amongother things, a catalog and sales support function 472, an integratedaffordability interface (I/F) 474, and a seller's browser/user interface(I/F) 476. The catalog and sales support function 472 enables theintegrated single seller to provide to a potential buyer access to allof the good(s) and/or service(s) within his inventory to a potentialbuyer. The integrated affordability interface (I/F) 474 allows a user ofthe system to perform affordability analysis for one or all of theintegrated sellers coupled to the system. The seller's browser/userinterface (I/F) 476 enables, like many of the other browser/userinterfaces within the various embodiments of the invention, individualsellers or buyers can access via the internet all of the functionalityprovided by the various components within the system.

In the system of FIG. 4, a buyer may use the buyer's browser to accessthe multi-seller sales portal software 450. The buyer may then use themulti-seller interface 454 to view various products of multiple sellers,including integrated (i.e., participating) sellers, such as thatrepresented by the integrated single seller sales software 470, andnon-integrated (i.e., non-participating) sellers, such as thatrepresented by the non-integrated single seller sales software 440. Inthe former case, the buyer is able to view products that are within theinventories of the sellers and are available for purchase. In thelatter, the buyer is only able to view products that are listed on thesellers' website, which products may or may not be available forpurchase, depending upon how up to date the sellers' websites arerelative to their actual inventories.

In either case, the seller may then perform affordability analysis viathe affordability interface 452 for all or a selected portion of theproducts, as mentioned above. In this situation, the multi-seller salesportal 450 may access, via the loan origination interface 416, themulti-lender loan (pre)approval software 410 to perform the analysiswith multiple loans. The loan approval engine 414 uses the lenderprofiles 412, information provided by the buyer, and the creditreporting software 430 to determine the loans that are applicable forthe selected product(s). Specifically, the loan approval engine 414accesses the credit reporting software 430, which may be that of a thirdparty credit agency, to obtain buyer credit information from the creditreporting database 432. Alternatively, the credit approval engine 414simply obtains a credit rating for the buyer calculated by the creditrating system engine 434. In either case, the loan approval engine 414uses the information obtained, as well as information provided by thebuyer and the lender profiles 412, to determine whether the buyerqualifies to purchase the selected product for each of the multiplelenders' loans, as discussed above.

In another embodiment, the multi-lender loan (pre)approval software 410accesses the systems of multiple lenders, which systems themselvesperform the loan approval. For example, the lender's software 420 mayperform such an analysis using the lender's loan approval engine 426,similarly as discussed above. In either case, the results of theanalysis are communicated for display to the buyer.

Of course, the functionality of the multi-seller sales portal software450 and that of the multi-lender loan (pre)approval software 410 may beincorporated into a single component within the system.

The multi-seller sales portal 450 may instead (or additionally), at thebuyer's request, for example, access a single lender, such as thatrepresented by the lender's software 420, to perform the analysis withthe loan(s) of a single lender. In this situation, loan approval may beperformed, similarly as discussed above, by the lender's system, such asthat represented by the lender's software 420. The lender uses itscurrent loan profiles, information provided by the buyer, andinformation obtained from the credit reporting software 430, asdiscussed above, to determine loan approval. Again, the information iscommunicated for display to the buyer.

At this point, the buyer may select a product and a loan, and completethe purchase via the buyer's browser/user interface 460. For example, ifthe buyer selects a loan via the multi-lender loan (pre)approvalsoftware 410, the loan origination interface 416 accesses loanorigination software of the selected lender, such as the loanorigination software 424. The loan origination software 424 provides tothe buyer for completion via the buyer's browser/user interface 460, allthe necessary financing forms, etc., and even provides for buyersignature capture. Thus, using the system of FIG. 4, a buyer cancomplete a financed purchase without the assistance of a seller orlender, subject to confirmation of the financial information provided bythe buyer.

Alternatively, after the buyer performs affordability analysis on thebuyer's browser/user interface 460, the buyer may suspend thetransaction session, and proceed to a seller or sellers to viewproduct(s) of interest. The system saves the buyer's profile informationand affordability analysis results, so that the buyer may have a sellersimply pull up the information on the seller's browser, such as theseller's browser/user interface 476, to view and discuss product(s) orloan(s) of interest, a specific product or loan pre-selected by thebuyer via the buyer's browser/user interface 460, or even the productsof another seller. The buyer may then, with the assistance of the sellervia the seller's browser/user interface 476, select a product(s) forpurchase and a loan(s) (or confirm previous selections) and complete thetransaction. Again, the system provides for completion by the buyerand/or seller via the seller's browser/user interface 476 all thenecessary financing forms, etc., eliminating the time-consumingpaperwork that sellers must often undertake to complete a sale involvingfinancing, particularly when sellers typically deal with multiplelenders and have different paperwork for each.

Instead of proceeding to a seller, the buyer may instead (oradditionally) proceed to a lender or lenders to discuss financingoptions and continue the transaction session. The buyer may have alender simply pull up the information on the lender's browser, such asthe lender's browser user interface 422, to view and discuss loans orproduct(s) of interest, a specific loan or product pre-selected by thebuyer via the buyer's browser/user interface 460, or even the loans ofanother lender. Similarly as above with respect to the seller, the buyermay, this time with the assistance of the lender via the lender'sbrowser user interface 422, select a product(s) for purchase and a loan(or confirm previous selections) and complete the transaction. Onceagain, the system provides for completion by the buyer and/or lender viathe lender's browser/user interface 422 all the necessary financingforms, etc.

A buyer may also start the whole process without ever using the buyer'sbrowser/user interface 460. In other words, the buyer may proceeddirectly to a seller and/or lender to initiate a transaction session. Inthis case, the seller/lender may access the multi-seller sales portalsoftware 450 and/or the multi-lender loan (pre)approval software 410 andassist the buyer in entering the buyer's financial information andperform affordability analysis via their respective browsers/userinterfaces.

FIG. 5 is a system diagram illustrating a further embodiment of theonline, affordability-based purchasing system of FIG. 1. An originationsystem 520, an acquisition system 530, a multi-seller sales portalsoftware (S/W) 540, a non-integrated single seller sales software (S/W)550, a credit reporting/approval system software (S/W) 560, and anintegrated single seller sales software (S/W) 570 all interconnect tothe internet 599. A buyer can access all of the functionality of FIG. 5using a buyer's browser/user interface (I/F) 510.

The origination system 520 may contain, among other things, anorigination browser/user interface (I/F) 522 and a loan originationsoftware (S/W) 524. The acquisition system 530 may contain, among otherthings, an acquisition browser/user interface (I/F) 532 and anacquisition software (S/W) 534. The multi-seller sales portal software(S/W) 540 may contain, among other things, an affordability interface(I/F) 542 and a multi-seller interface (I/F) 544. The creditreporting/approval system software (S/W) 560 may contain, among otherthings, a credit reporting database (dB) 562, multiple lender profiles566, a loan approval engine 568 and a credit rating system engine 564 incertain embodiments of the invention. The non-integrated single sellersales software (S/W) 550 performs, among other things, a catalog andsales support function 552. The integrated single seller sales software(S/W) 570 performs, among other things, a catalog and sales supportfunction 572 and contains, among other things, an integratedaffordability interface (I/F) 574 and a seller's browser 576. Thefunctionality of the components in FIG. 5 may be similar to thatdiscussed above with respect to earlier figures.

The origination system 520 operates with any number of existing lendersintegrated into the system. For example, certain lenders target and seekcertain risk profiles representative of a certain class of buyers. Inaddition, the origination system 520 eliminates the paperwork that istypically executed to perform loan processing. The origination system520 may wait for verification of certain parameters provided by a buyer,such as verification of employment information. The acquisition system530 is operable to purchase loans from the origination system 520. Thecredit reporting/approval system software (S/W) 560 may be a singlesoftware system or a distributed software system. In addition, thecredit reporting/approval system software (S/W) 560 is operable togenerate anonymous credit reports for various users of the system. Thecredit reporting/approval system software (S/W) 560 is also operable todetermine the maximum value of a loan for which a buyer is approved. Themulti-seller sales portal software (S/W) 540 is operable to use themaximum loan value for which a buyer is qualified and beat that maximumloan value against an inventory of good(s) and/or service(s) for aseller or a selected number of sellers to determine which of thosegood(s) and/or service(s) the buyer can afford to finance.

In addition, a selected number of good(s) and/or service(s) are providedto the system, and the credit reporting/approval system software (S/W)560 is operable to perform different credit analysis as a function ofthe item for which the loan is being sought. For example, depending onwhether the loan is being sought to purchase an automobile, a home, orto repay revolving credit, the credit reporting/approval system software(S/W) 560 is operable to accommodate the different manner in whichparameters corresponding to the buyer are handled.

The non-integrated single seller sales software (S/W) 550 is operable toperform framing on non-integrated single sellers as requested by a buyerusing the system. For example, framing allows one web page to “frame”the contents of another web page. If desired, the non-integrated singleseller sales software (S/W) 550 surrounds the framed web page with otherinformation, as desired, by the various other functional blocks withinthe system. For example, a seller frames his own information, such asthe inventory of his own good(s) and/or service(s), using thenon-integrated single seller sales software (S/W) 550. The framingperformed in accordance with the present invention may be either dumb orintelligent. Intelligent framing extracts information from thenon-integrated single seller sales web site and processes that providedinformation, while the dumb framing simply displays the information fromthe non-integrated single seller sales web site.

In the system of FIG. 5, a buyer may use the buyer's browser to accessthe multi-seller sales portal software 540. The buyer may then use themulti-seller interface 544 to view various products of multiple sellers,including integrated (i.e., participating) sellers, such as thatrepresented by the integrated single seller sales software 570, andnon-integrated (i.e., non-participating) sellers, such as thatrepresented by the non-integrated single seller sales software 550. Inthe former case, as mentioned above with respect to FIG. 4, the buyer isable to view products that are within the inventories of the sellers andare available for purchase. In the latter, the buyer is only able toview products that are listed on the sellers website, which products mayor may not be available for purchase, depending upon how up to date thesellers' websites are relative to their actual inventories.

In either case, the seller may then perform affordability analysis viathe affordability interface 542 for all or a selected portion of theproducts, as mentioned above. In this situation, the multi-seller salesportal software 540 may access, via the affordability interface 542, thecredit reporting/approval system software 560 to perform the analysiswith multiple loans. The loan approval engine 568 uses the lenderprofiles 566, information provided by the buyer, and the creditreporting database 562 to determine the loans that are applicable forthe selected product(s). Specifically, the loan approval engine 568accesses the credit reporting database 562, to obtain buyer creditinformation. Alternatively, the loan approval engine 568 simply obtainsa credit rating for the buyer calculated by the credit rating systemengine 564, which may be part of the credit reporting approval systemsoftware 560 or part of the system of a third-party credit agency. Ineither case, the loan approval engine 568 uses the information obtained,as well as information provided by the buyer and the lender profiles566, to determine whether the buyer qualifies to purchase the selectedproduct for each of the multiple lenders' loans, as discussed above. Theresults of the analysis, i.e., the product(s) that the buyer can financeand the loans applicable to each, are communicated to the buyer fordisplay.

At this point, the buyer may select a product and a loan, and completethe purchase via the buyer's browser/user interface 510. If the buyerselects a loan, the buyer may access loan origination software of theselected lender. Specifically, for example, the buyer may access, viathe origination browser/user interface 522, the loan originationsoftware 524 in the origination system 520. The loan originationsoftware 524 provides to the buyer for completion via the buyer'sbrowser/user interface 510, all the necessary financing forms, etc., andprovides for buyer signature capture, similarly as discussed above.

The origination system 520 may be that of a single lender or part of aseparate system that services multiple lenders. In addition, thefunctionality of the origination system 520, the multi-seller salesportal 540, and the credit reporting/approval system software 560 may becombined into one or two components within the system.

After the buyer performs affordability analysis via the buyer'sbrowser/user interface 510, the buyer may suspend the transactionsession, and proceed to a seller or sellers to view product(s) ofinterest. The system saves the buyer's profile information andaffordability analysis results, so that the buyer may have a sellersimply pull up the information on the seller's browser, such as theseller's browser/user interface 576, to view and discuss product(s) orloan(s) of interest, a specific product or loan pre-selected by thebuyer via the buyer's browser/user interface 510, or even the productsof another seller. The buyer may then, with the assistance of the sellervia the seller's browser/user interface 576, select a product(s) forpurchase and a loan(s) (or confirm previous selections) and complete thetransaction. Again, the system provides for completion by the buyerand/or seller via the seller's browser/user interface 576 all thenecessary financing forms, etc.

Also, as mentioned above, the buyer may initiate a transaction sessionby proceeding directly to a seller and/or lender to initiate atransaction session. For example, the seller/lender may, via theirrespective browsers/user interfaces, access the multi-seller salesportal software 540 and assist the buyer in entering the buyer'sfinancial information and perform affordability analysis. Alternatively,the seller/lender may be integrated into the overall system, and be ableto perform affordability analysis via their own systems, rather thanthrough the multi-seller sales portal 540. Specifically, for example,the buyer may proceed to an integrated seller, such as that representedby the integrated single seller sales software 570, and performaffordability analysis using the seller's browser/user interface 576. Inthis situation, the seller, using the seller's browser/user interface574 and via the seller's integrated affordability interface 574,accesses the credit reporting/approval system software 560, whichperforms the affordability analysis as discussed above.

FIG. 6 is a system diagram illustrating an embodiment of a loanorigination and acquisition system in accordance with the presentinvention, which may be incorporated into the online,affordability-based purchasing system of the present invention, such asshown in FIG. 5 above, or may be a stand alone system. A loanorigination computing system 603 and a loan acquisition computing system650 both interconnect to the Internet 699. The loan origination system603, as well as the loan acquisition computing system 650, may be partof a lender's system, part of a separate system accessed by the lender(or buyer or seller) via the lender's browser/user interface, or mayeach be a part of separate systems of different lenders.

The loan origination computing system 603 itself may contain, amongother things, a loan software (S/W) 607. The loan software (S/W) 607itself may contain, among other things, an origination interface (I/F)610, a processing engine 620 having access to multiple profileparameters 622, a portfolio/profile manager 630, and a remote parameterretrieval function 640. The origination interface (I/F) 610 itself maycontain, among other things, a remote loan application entry function612 and a local loan application entry function 614.

The loan acquisition computing system 650 itself may contain, amongother things, an acquisition software (S/W) 655. The acquisitionsoftware (S/W) 655 contains at least a portfolio/profile manager 670, aparameter delivery function 680, and a remote offering interface (I/F)690. If desired, the acquisition software (S/W) 655 contains aprocessing engine 660 that employs multiple profile parameters 662. Theprocessing engine 660 employing the multiple profile parameters 662 maybe a parallel engine to the processing engine 620 employing the multipleprofile parameters 622.

The system of FIG. 6 provides for evaluation of the risk of issuing aloan to a buyer after considering all of the parameters represented bythe profile parameters 662, in such a way as to provide significantimprovement over conventional methods that employ human employees whoattempt to perform real time evaluation. The computer implementation ofthe invention does not limit the number of parameters that may beincluded in the risk evaluation that is performed for a specific buyer.

As mentioned above, the loan origination computing system 603 includesloan software 607 for analyzing risk and originating loans. The loanorigination interface 610 enables remote loan application entry 612 viathe browser/interface of other systems, and local loan application entry614, if, for example, the loan origination computing system 603 isincorporated into a lender's system. The processing engine 620 uses theinformation provided via the origination interface 610 and the profileparameters 622 to evaluate whether the buyer should be approved for aloan, similarly as discussed above.

In addition, the processing engine 620 may likewise retrieve remoteparameters via remote parameter retrieval 640 that are delivered by theloan acquisition computing system 650 via parameter delivery 680. Theprocessing engine 620 may then use this information to determine whetheror not to approve the buyer. In some cases as such, origination maydepend, at least partially, on whether or not the loan fits withinparameters of loans previously purchased by the lender or some otherentity, or those that the lender or other entity has been successful inselling in the past. This information may be generated/maintained by theportfolio/profile manager 670.

The loan software 607 may also include a portfolio/profile manager 630.The manager 630 keeps track of the portfolio of loans, and theirrespective profiles and buyer information, being carried by the lender,which information may also be considered in evaluating the relativerisks of issuing a loan to a particular buyer. If, for example, thebuyer's financial condition and loan requested matches those of otherswithin the lender's portfolio that are deemed desirable (e.g., low risk)by the lender, the lender may consider this information in determiningapproval or the amount the lender is willing to finance.

The information may also be used to determine whether or not a lendershould sell any loan being carried by the lender. If the lender approvesa buyer for a loan, or previously acquired that loan, theportfolio/profile manager 630 may evaluate that buyer/loan relative toothers within the lender's portfolio to evaluate the relative risks ofcontinuing to carry that loan. If the manager 630 determines that therisk is too high, it may designate the loan as one that should be soldby the lender. The manager 630 may also evaluate loans within thelender's portfolio, and use loan history to modify the profileparameters used by the lender, as necessary, in order to lower risk orincrease origination while maintaining low risk.

The loan acquisition computing system 650 includes acquisition software655 that may be used by a lender (or other entity) to acquire loansdeemed desirable and to sell loans deemed undesirable. The acquisitionsoftware 655 includes a portfolio/profile manager 670 that keeps trackof the portfolio of loans, and their respective profiles and buyerinformation, being carried by the lender, which information may beconsidered in evaluating the relative risks of acquiring certain loansand desirability of selling certain loans.

The acquisition software 655 also includes a remote offering interface690 for sending or receiving loan acquisition offers. For example, theacquisition software 650 may receive, in response to a request orotherwise, an offer to sell a particular loan. The acquisition software655 may include a processing engine 660 that uses profile parameters622, and, if desired, information generated/maintained by theportfolio/profile manager 670 to analyze relative risks and determinewhether the offered loan is approved for acquisition. Alternatively, theacquisition software 655 uses information generated by a remoteprocessing engine, such as processing engine 620, and/or informationgenerated/maintained by the portfolio/profile manager 670, to analyzerelative risks and determine whether the offered loan is approved foracquisition.

The loan acquisition software 655 may also communicate, via the remoteoffering interface 690, a request to acquire certain loans. Theacquisition software 655 delivers the required parameters via parameterdelivery 680 to, for example, the loan origination computing system 603,which retrieves the parameters via remote parameter retrieval 640 anduses the parameters retrieved to determine whether or not any of theloans in the profile meet those parameters. If at least one does, andthe loan origination computing system 603 desires to sell the identifiedloan(s), the loan acquisition computing system 650 completes thetransaction with the loan origination computing system 603, assuming theterms of sale are otherwise acceptable.

In addition, the system of FIG. 6 enables a user (e.g., a buyer, lenderor seller) to define an interest rate, decide whether to increase ordecrease a down payment, or to increase or decrease the number of monthsof the term of the loan, among other parameters, dealing with theapproval of the loan for a buyer. This allows for intelligent advising,where suggestions are made to the buyer to assist the buyer indetermining what loan parameters should be changed so that the buyer canqualify for a loan having a larger maximum ceiling. For example, incertain cases, the re-payment of a predetermined amount of a buyer'sexisting revolving debt will significantly increase the maximum loan forwhich the buyer will qualify.

FIG. 7 is a system diagram illustrating yet another embodiment of theonline affordability-based purchasing system of FIG. 1. An originationcomputing system 710, a credit reporting service 720, a single ormultiple lender's system(s) 740, a loan affordability computing system750, and a the web sales site 760 all interconnect to the internet 799.A client using the system can access all of the components of the systemusing a browser/user interface (I/F) 732, which may be contained within,for example, a client computer 730.

The origination computing system 710 may contain, among other things, anorigination software (S/W) 711. The origination software (S/W) 711 maycontain, among other things, an origination interface (I/F) 712, aprocessing engine 715, a portfolio manager 717, and a remote parameterdelivery function 718. The origination interface (I/F) 712 itself mayperform, among other functions, a remote loan application entry function713 and a local loan application entry function 714. The processingengine 715 itself may contain, among other things, multiple profileparameters 716. The credit reporting service 720 itself may contain,among other things, a rating system engine 722. The rating system engine722 itself may perform, among other functions, a sales categoryconsideration function 724 and a requested format consideration function726. The origination computing system 710 may have the same or similarfunctionality as the loan origination computing system 603 of FIG. 6.

The loan affordability computing system 750 itself may contain, amongother things, an affordability software (S/W) 751. The affordabilitysoftware (S/W) 751 itself may contain, among other things, a processingengine 752, an origination interface (I/F) 757, and a credit ratingsystem interface (I/F) 758. The affordability software (S/W) 751 itselfmay perform, among other functions, a remote parameter retrievalfunction 756. The processing engine 752 itself may contain, among otherthings, multiple profile parameters A 753, multiple profile parameters B754, and multiple profile parameters N 755. The web sales site 760itself may contain, among other things, an affordability interface (I/F)software (S/W) 762. The affordability interface (I/F) software (S/W) 762itself may perform, among other things, a pricing system integrationfunction 764 and a purchase completion integration function 766.

The interconnection between the credit reporting service 720 and theInternet 799 may be a low bandwidth connection in certain embodiments ofthe invention. The credit reporting service 720 may generate a specifictype of report or rating, using the sales category consideration 724component of the credit rating engine 722, pertaining to the type ofgood(s) and/or service(s) for which financing is sought. For example,the credit reporting service 720 can handle different types of good(s)and/or service(s) in different manners to ensure that the maximum loanvalue for those specific good(s) and/or service(s) is found. Whendealing with different good(s) and/or service(s), such as an automobileor a home, or with repayment of revolving credit, the creditreporting/service 720 is operable to accommodate the different manner inwhich parameters corresponding to the buyer are entered.

In addition, the credit reporting service 720 may provide for anonymityin the loan approval process. When a buyer uses conventional methodsemployed in purchasing good(s) and/or service(s), such as automobiles,whenever a loan analysis is performed wherein the buyer is deniedfinancing, the buyer receives an undesirable rejection on his personalcredit history. If a buyer goes from one provider of good(s) and/orservice(s) to another and the buyer is continually rejected forfinancing, the buyer's personal credit history can be significantlycompromised. In response to the requested format consideration 726component, the credit reporting service 720 may provide to the buyermultiple, anonymous credit reports, if so requested by the buyer. Inaddition, a full credit report is sent to a seller's system, as shown inthe various embodiments of the system, but only after the buyer's loanhas been approved.

In addition the credit reporting service 720 may, in response to therequested format consideration 726 component, generate only a creditrating and nothing else, if requested by the client. For example, thecredit reporting service 720 does not generate a large file having allof the buyer's account information listed. Rather, the credit reportingservice 720 generates only a single value indicative of the buyer'scredit rating. This reduction of information provides for a significantsavings of bandwidth within the system.

In the system of FIG. 7, a client, such as a buyer, for example, usesthe browser/user interface 732 of client computer 730 to access a websales site 760 of a single seller or one that interfaces with multiplesellers. The buyer can view products and then select a product orproducts to perform an affordability analysis. The buyer may, forexample, select a button or icon on the web sales site 760, whichvectors the buyer to the loan affordability computing system 750. Thebuyer then uses the affordability software 751 and information providedvia the affordability interface software 762 to perform affordabilityanalysis, as discussed above.

For example, the processing engine 752 may access the credit reportingservice 720, via the credit rating system interface 758, to obtain abuyer credit rating. The processing engine 752 then uses the creditrating obtained, pricing information from pricing system integration 764component, and the profile parameters of multiple lenders stored inmemory, for example, to determine the product(s) that the buyerqualifies to purchase and the loans) applicable to each. The processingengine 752 may also retrieve, via the remote parameter retrieval 756component, remote parameters of other lenders, which parameters may belocated in the origination computing system 710 or the lender'ssystem(s) 740, to consider the loans of those lenders in the analysis.The remote parameter retrieval 756 component may also be used to obtainupdated parameter information from multiple lenders so that the loanaffordability computing system 750 may update the multiple profileparameters used by the processing engine 752. In either case, the remoteparameter retrieval 756 component may interface with a remote parameterdelivery component, such as remote parameter delivery 718 component oforigination computing system 710 or that of the lender's system(s) 740.

Once the buyer performs the affordability analysis, the buyer may selecta product and a loan, and complete the purchase. The affordabilitysoftware 751 may access the origination computing system 710 via theorigination interface 757, and the origination computing system 710 mayoriginate the loan, similarly as discussed above. The web sales site 760includes purchase completion integration 766 so that the buyer canpurchase the selected product from the web sales site 760, using theloan originated via the loan affordability computing system 750.

FIG. 8 is a system diagram illustrating a still further embodiment ofthe online, affordability-based purchasing system of FIG. 1. The systemof FIG. 8 illustrates one embodiment of the invention wherein certainlenders need not necessarily directly participate with the system, yettheir information is nevertheless provided to a user. A partiallyintegrated origination system 810, an independent origination business801, a fully integrated origination system 840, an integrated web salessite 802, and an affordability software (S/W) 870 all interconnect tothe Internet 899.

The partially integrated origination system 810 itself may contain,among other things, an origination software (S/W) 811. The originationsoftware (S/W) 811 itself may contain, among other things, anorigination interface (I/F) 816, a processing engine 820, and aportfolio/profile manager 830. The processing engine 820 itself maycontain, among other things, multiple profile parameters 822.

The fully integrated origination system 840 itself may contain, amongother things, an origination software (S/W) 841. The originationsoftware (S/W) 841 itself may contain, among other things, anorigination interface (I/F) 846, a processing engine 850 having multipleprofile parameters 852, a portfolio/profile manager 860, and a remoteparameter delivery function 862. The affordability software (S/W) 870itself may contain, among other things, a processing engine 871, alender interface (I/F) 892, that may perform, among other things, aremote parameter retrieval function 890, and a credit rating systeminterface (I/F) 894.

The processing engine 871 utilizes confirmed parameters 872 and manuallyentered parameters 882. The confirmed parameters 872 contains multipleprofiles, as illustrated by multiple profile parameters A 873, multipleprofile parameters B 874, and multiple profile parameters N 875,corresponding to different lenders integrated into the system, such as,for example, that represented by fully integrated origination system840. The parameters of integrated systems as such may be deliveredremotely, via a remote parameter delivery function, such as remoteparameter delivery 862 function of system 840. The affordabilitysoftware 870 uses the parameters delivered to update the confirmedparameters 872. The affordability software 870 may also retrieve suchparameters, via the remote parameter retrieval 890 function, andsimilarly update the confirmed parameters 872. Since the confirmedparameters are those of integrated lenders, they do not need separateconfirmation before loan origination.

The manually entered parameters 882, illustrated by manually enteredparameters A 883, manually entered parameters B 884, and manuallyentered parameters N 885, are those of non-integrated lenders, whichparameters are manually entered. Parameters as such should be confirmedwith the relevant lender before loan origination to determine whetherthey are still valid.

The independent origination business 801 is illustrative of onebusiness, which may also be a provider of good(s) and/or service(s),that is not directly integrated nor participating in the system. Theparameters for such an independent origination business may be addedmanually to the system. The integrated web sales site 802 isillustrative of a business that is fully integrated, or participating,in the system. A client may therefore access the affordability software870 via the integrated web sales site 802.

The multiple profile parameters 822 within the processing engine 820 arepulled, not pushed. However, the multiple profile parameters 852 withinthe processing engine 850 are pushed within the system. The effects ofany changes of the multiple profile parameters 852 within the processingengine 850 take effect immediately due to the full integration of thefully integrated origination system 840. The confirmed parameters 872within the affordability software (S/W) 870 are confirmed to be exactlythose parameters corresponding to various lenders. The manually enteredparameters 882 within the affordability software (S/W) 870 are enteredmanually after verifying, if desired, that the parameters are actuallyindicative and representative of the parameters provided by the variouslenders cooperating with the system. Also, the processing engine 871within the affordability software (S/W) 870 performs actualaffordability analysis, and it is operable to perform estimatedaffordability analysis wherein a full credit report is not generated ifnot all of the parameters are available.

FIG. 9 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1 that utilizes anaffordability portal. An origination software (S/W) 902, a browsersoftware (S/W) 904, an affordability software (S/W) 906, a creditreporting service 908, a number of independent web sales sites 950, anaffordability portal software (S/W) 910, and a number of integrated websales site softwares (5/Ws) 960 all interconnect to the Internet 999.

The affordability portal software (S/W) 910 itself may contain, amongother things, a number of integrated site listings 917, a search engine918, and a number of browser framing configurations 912 each having apricing interface (I/F) 913 and a payment interface (I/F) 914. Theintegrated web sales site software (S/W) 960 itself may contain, amongother things, an affordability interface (11F) 970. The affordabilityinterface (I/F) 970 may have, among other things, pricing systemintegration 972 and a purchase completion integration 974.

The affordability portal software (S/W) 910 is operable to serve as afront end for a number of different sellers. The affordability portalsoftware (S/W) 910 serves to provide a buyer using the system, access toa number of different sellers providing various good(s) and/orservice(s). The affordability portal software (S/W) 910 also is operableto perform framing for any of the various independent web sales sites950. Again, the framing performed here may be intelligent or dumb. Forexample, the framing may extract information from certain of the variousindependent web sales sites 950, or may simply display the informationprovided from certain of the various independent web sales sites 950.The extracted information in the intelligent framing embodiments of theinvention is used by the affordability software (S/W) 906 to performanalysis for loan approval and loan acquisition by a buyer using thesystem.

The origination software 902 affordability software 906 and the creditreporting service 908 may have the same functionality of similarcomponents discussed above.

In the system of FIG. 9, a buyer may, via the buyer's browser software904 access the affordability portal software 910, which containsintegrated site listings 917. The buyer may access the integrated siteslisted, or perform a search of all sites, integrated or independent,using the search engine 918.

When a buyer accesses an integrated site, such as that represented bythe integrated web sales site software 960, the buyer may perform anaffordability analysis using the affordability software 906. Theaffordability interface 970 enables pricing information to be accessedby the affordability software 906, and enables the purchase to becompleted, via the affordability portal 910, if desired, using a loanoriginated via the origination software 902.

When a buyer desires to purchase a product from an independent web salessite 950, the affordability software 910 frames pricing and paymentinformation, via the pricing interface 913 and payment interface 914,respectively. The pricing information obtained may be used to perform anaffordability analysis using the affordability software 906. The paymentinterface 914 may be used to complete a purchase of a product from theindependent web sales site 950 via the affordability portal software910.

FIG. 10 is a functional block diagram illustrating one embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention. In a block 1010, credit information is collected.Subsequently, in a block 1020, a predetermined number of credit reportsare retrieved. The credit reports are contained within any of thelocations for storage of credit reports in any of the variousembodiments of the invention. Then, in a block 1030, an approvaldecision criterion is generated or constructed. If desired, multipleapproval decision criteria may be generated or constructed in the block1030. Then, in a block 1040, loan applications are delivered to allapplicable integrated lenders that operate independently. Thoseintegrated lenders that do not operate independently, but that operatewithin the system performing the method 1000, automatically receive loanapplications corresponding to the buyer.

Then, in a block 1050, qualification and qualification parameters aredetected for all proxy lenders. Examples of qualification parametersinclude interest rate of a loan, the term of a loan, and the downpayment to be paid for the loan. For all of the lenders that are notintegrated, the qualification and qualification parameters correspondingto those lenders are estimated in a block 1060. If desired, in a block1070, the loan information is constructed/ordered and displayed to abuyer. Here, the system may display such information as whether thelocal area network is approved, the particular lenders from whom thebuyer can secure financing, and other information pertaining to thesecuring of a loan for the buyer. Finally, in a block 1080, thequalification parameters that are either detected in the block 1050 orare estimated in the block 1060 are used to filter the offering.

FIG. 11 is a functional block diagram illustrating another embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention. The method 1100 provides for the option of selection.In a block 1110, all of the available good(s) and/or service(s) areprovided for selection. Then, when an affordability request 1115 ismade, the method proceeds to collect credit information in a block 1120.Subsequently, in a block 1130, a predetermined number of credit reportsare retrieved.

Then, in a block 1140, an approval decision criterion is generated orconstructed. If desired, multiple approval decision criteria may begenerated or constructed in the block 1140. Then, in a block 1150, loanapplications are delivered to all applicable integrated lenders thatoperate independently. Those integrated lenders that do not operateindependently, but that operate within the system performing the method1100, automatically receive loan applications corresponding to thebuyer. The delivering of the loan applications in the block 1150 may beperformed with or without selection information. For example, theinformation provided to the applicable lenders that operateindependently may or may not contain any information pertaining to anyselection of good(s) and/or service(s) performed in the block 1110.

Then, in a block 1160, qualification and qualification parameters aredetected for all proxy lenders. Examples of qualification parametersinclude interest rate of a loan, the term of a loan, and the downpayment to be paid for the loan. For all of the lenders that are notintegrated, the qualification and qualification parameters correspondingto those lenders are estimated in a block 1170. Again, this can be donewith or without selection information. Then, in a block 1180, the loaninformation is constructed/ordered and displayed to a buyer. The systemmay display such information as whether or not the local area network isapproved, the particular lenders for whom the buyer can securefinancing, and other information pertaining to the securing of a loanfor the buyer. Finally, while not shown in FIG. 11, the qualificationparameters that are either detected in the block 1150 or are estimatedin the block 1160 may be used to filter the offering.

FIG. 12 is a perspective diagram showing the various entitiesparticipating in a lending network 1205 that also comprises a pluralityof seller systems 1229, 1235 and a buyer's browser software 1237, 1239.The lending network 1205 also comprises several software systems thatare part of a lending institution 1207, such as a central policy andportfolio manager software 1209, a branch policy and portfolio managersoftware 1211, 1213, a loan officer browser/user interface software1217, 1219, etc., in addition to the plurality of online seller'ssystems 1229, 1235 and buyer's browser software 1237, 1239.

The central policy and portfolio manager software 1209 is a repositoryof lending policies, and one or more portfolios of loans/lending papersthat are categorized into one or more categories. These categories maybe, in one embodiment, A+ for excellent, A for Good, B for Fair, C forRisky, and D for Very Risky. Loan officers attempt to originate loans insuch manner to fill their lending portfolios in accordance with lendingpolicies recommended by the central policy and portfolio managersoftware 1209. Lending institution employees who have the authority tomodify lending policies, such as lending managers, modify branchpolicies in their local branches, as needed and as appropriate, usingthe branch policy and portfolio manager software 1211.

An origination server software 1225 is used to interact with onlinesellers and buyers in order to originate online loans and lendingpapers. The origination server software 1225 uses the services providedby an online policy and portfolio manager software 1215 in screeningonline loan applications, qualifying online loan applications, and inmanaging portfolios of online loan applications and lending papers. Theonline policy and portfolio manager software provides its services underthe guidance and control of the central policy and portfolio managersoftware 1209.

Online buyers can apply for loans and/or determine how much credit theycan obtain, using the buyer's browser software 1237, 2139, by fillingonline credit applications and submitting them for processing by theorigination server software 1225. A buyer will, in most cases, receivetentative approval of credit from the origination server software 1225provided the origination server software 1225 determines that the buyeris credit worthy, based on the information provided by the buyer andbased on credit history retrieved from other external systems, such as,for example, a credit reporting facility (not shown). The buyer may alsosubsequently follow up by visiting with a loan officer at any affiliatedor non-affiliated financial institution and inquire about the buyer'scredit application. Such loan officer may, using a loan officerbrowser/user interface software, retrieve the buyer's credit applicationpreviously completed by the buyer to determine the type of loans thatmay be offered to the buyer.

Based on the information retrieved, a loan officer, using the loanofficer browser/user interface software 1217, for example, obtainsinformation about possible loans that may be offered to the buyer. Thebuyer can then select one of the loan offers presented to him/her. Inone embodiment, the loan officer then, using the loan officerbrowser/user interface software 1217 interacts with one or more seller'ssystem 1229, 1235, for example, to identify goods and/or services thatthe buyer may purchase, using the selected loan and an affordabilityanalysis, for example, as discussed above. The buyer can select one ofthe goods and/or services for purchase, complete the purchasetransaction with the loan officer's browser/user interface software1217, and make arrangements for picking up the purchased good and/orservice from the seller, all such arrangements being facilitated viaappropriate screens presented by the loan officer browser/user interfacesoftware 1217.

In a related embodiment, the loan officer approves a loan for the buyer,and the loan officer browser/user interface software 1217 automaticallycreates loan documents and saves them for subsequent retrieval at aseller during a purchase, via a seller's browser software, such as, forexample, the seller's browser software 1231 of the seller's system 1229.In this embodiment, the seller, using the seller's browser system 1231,retrieves the approved loan and related documents, and then applies theloan towards the actual good and/or service purchased by the buyer.

In one embodiment, a lender's representative, such as a loan officer,has the ability to populate the data required for the seller's financingand sales documents. Such financing and sales documents are laterselectively accessed by the seller's sales personnel at a seller'ssystem during the completion of a purchase by a buyer. In suchtransactions, the lender may have an agreement with the seller topurchase the paperwork (i.e., loan related documents) contingent uponthe buyer accepting the loan terms at the sellers' premises.

Also, loan origination fees may be granted to a lender that originates abuyer, regardless of whether or not the buyer finally selects thatlender for financing the purchase. In one embodiment, the lender doesnot grant an origination fee to a seller when the lender offers apre-negotiated loan purchase rate for a buyer's loan. Suchpre-negotiated loan purchase rate may be established by a lender on aseller specific basis, i.e., such rate may vary by seller.

In one embodiment, a lender may, using the loan officer browser/userinterface software 1217, for example, give a seller a premium if theseller convinces a buyer to select a loan of the lender. In anotherembodiment, the lender buys the seller originated loan, rather thanoriginating the lender's own loan. In fact, via the loan officerbrowser/user interface software 1217, for example, the lender'semployees can initiate a seller's loan and complete the paperwork, andsubsequently buy the loan at the completion of the deal by a buyer. Inthis embodiment, the lending institution, using the branch policy andportfolio manager software 1211 and the loan officer browser/userinterface software 1217, completes financing related documents for abuyer (and also saves them) that a seller would ordinarily completeusing the seller's system. The lending institution subsequently acquiresthe loan by accepting such financing related documents (i.e. loanorigination papers, etc.) from the seller. In effect, the lendinginstitution creates loan origination documents that a seller wouldotherwise create for a buyer seeking financing, and subsequentlypurchases the loan (loan papers) from the seller.

In general, a buyer can enter a credit application online using thebuyer's browser software 1237, for example, and then have a loan officerretrieve it using a loan officer browser/user interface software 1217,for example, or have a seller retrieve it using a seller's browsersoftware 1231, for example. Similarly, a buyer can have a loan officercreate his/her credit application using the loan officer browser/userinterface software 1217 and later have another loan officer (including aloan officer at another, competing lending institution) retrieve itusing his/her own browser/user interface software.

FIG. 13 is an exemplary flow chart depicting loan processing operationsapplied by a lending institution to a credit application received from abuyer. At a block 1305, a credit application from a buyer is retrievedfor processing. At a next block 1307, the parent rejection rules areapplied to determine if the buyer's loan application should be rejectedbased on information provided by the buyer and other informationretrieved from other sources, such as credit-history, lending policies,etc.

If, at a next decision block 1309, it is determined that the buyer'scredit application need not be rejected, then at a next block 1311, thebuyer's credit application is subjected to parent auto acceptance rules,where it is determined if the credit application should be acceptedbased on auto application rules specified by the parent lendinginstitution for loans. If it is determined at a block 1313 that thebuyer's loan application should be accepted, then at a next block 1321,the acceptance of the loan application and the decision to offer a loanto the buyer is communicated to the buyer.

If, at a block 1313, it is determined that the buyer cannot be offeredfinancing, then, at a next block 1315, a recommendation is made for thebranch of the lending institution to interact with the buyer to attemptto achieve qualification. At a next block 1317, the selectiveinteraction of a branch/loan officer with the buyer is permitted, in anattempt to qualify the buyer. Subsequently, at a next decision block1319, a determination is made if the branch/loan officer interactionresults in qualifying the buyer for a loan. If, at the decision block1319, it is determined that the buyer does qualify for the loan, thenthe acceptance of the loan application and the offer of a loan iscommunicated to the buyer at the next block 1321. Otherwise, or if thebuyer is initially rejected at the block 1309, alternate goods/servicethat the buyer can afford are selectively suggested and/or suggestionsto repair the credit profile of the buyer are selectively offered at thenext block 1325. Finally, at the next block 1327, the loan processingterminates.

FIG. 14 is a flow chart depicting an exemplary loan portfolio managementoperation performed by a lending institution while processing creditapplications received from buyers. At a block 1405, processing starts,and at a next block 1307, a credit application from a buyer is retrievedfor processing. At a next block 1409, the lending institution calculatesa risk factor from the received credit request. At a next block 1411,based on the risk of the credit requested, a personal interest rate forthe credit applicant is calculated. At a next block 1413, the creditrequest is considered in view of current credit portfolio risk curvesand target funds distribution curves.

Subsequently, at a decision block 1415, a decision is made to accept thecredit request or to reject it. If a decision is made to accept thecredit request from the buyer, then, at a next block 1417, an creditoffer is made to the buyer and the offer is stored along with therequest for a duration of up to 30 days, for example, during which, atthe end of, for example, 25 days (block 1423), an email offer is sent asa reminder to the buyer. At the end of the 30 days, the credit offer isdeleted at a block 1427 and processing is terminated at the next block1433.

If, during the 30 day duration of the credit offer, the buyer acceptsthe credit offer and takes a loan 1419, then, at a next block 1429, thecredit request is added to the portfolio of offered credit by thelending institution and credit risks are recalculated with thereevaluation of risk factor curves, target funds distribution curves,etc. Finally, at a block 1431, the credit processing and portfoliomanagement processing is completed before termination of the processingat the block 1433.

If, at the block 1415, it is determined that a credit request by a buyershould not be accepted, then the processing is terminated at the block1433.

FIG. 15 is a flow chart depicting an exemplary loan offer managementoperation in a multi-lender loan system where individual lenders canacquire a plurality of credit requests from buyers and where themulti-lender loan system can advise individual lenders on the markettrends and the current parameters of lending activities. At a block1505, processing starts, and at a next block 1507, a first lender amonga plurality of lenders, interacts with the multi-lender loan system torequest a loan or a series of loans for processing. At a next block1509, the multi-lender loan system retrieves information on recentlyoffered loans (and related market information) and analyzes the resultsto determine lending market competition. Later, at a next block 1511 themulti-lender loan system automatically suggests adjustments/changes tothe first lender's credit offerings. In a block 1513, the multi-lenderloan system implements the suggested adjustments/changes that areaccepted by the first lender. Finally, processing stops at a next block1415.

FIG. 16 is a flow chart depicting an exemplary loan processing operationby a lending institution where individual branch offices can implementdifferent lending practices and manipulate different lending parametersthan those specified by their parent organization(s). At a block 1605,processing starts, and at a next block 1607, a branch of a lendinginstitution applies parent guidelines to individual credit applications.Later, at a decision block 1609, it determines if the creditapplications are within the parent guidelines. If they are, then at thenext decision block 1611, an attempt is made to determine if they arewithin the branch guidelines. If they are not, processing terminates atthe next block 1625.

If, at the decision block 1611, credit applications are determined to bewithin branch guidelines, then, at a next decision block 1613, anattempt is made to determine if any additional information is neededfrom the applicant (the buyer) in order to satisfactorily complete theloan qualification and offer the credit. If the credit applications aredetermined to be qualified and no additional information is necessary,then, at a next block 1623, the qualification is completed andprocessing is terminated at a subsequent block 1625.

If, at the decision block 1613, it is determined that follow upinformation from buyer is needed, then, at a next block 1615,information is gathered from associated credit applicant(s) using whiteboard, email, telephone calls, mail, etc., as appropriate. Later, at anext block 1617, if information provided by credit applicants isdetermined to be satisfactory, then at a next block 1623, thequalification is completed and processing is terminated at a subsequentblock 1625. Otherwise, processing is terminated at the block 1625.

If, at the decision block 1609, it id determined that the creditapplication(s) are within parent organization guidelines, then, at anext block 1619, branch guidelines are applied, and at a next decisionblock 1621, an attempt is made to determine if the credit application(s)are within branch guidelines. If they are determined to comply withbranch guidelines, then at a next block 1623, the qualification iscompleted and processing is terminated at a subsequent block 1625.Otherwise, processing is terminated at the block 1625.

FIG. 17 is a flow chart depicting exemplary interactions betweenparallel affordability engines and the ability to communicate changesamong and between them. At a block 1705, processing starts, and at anext block 1707, changes in loan portfolios/parameters due to theprocessing of new credit applications by the lending institution areevaluated. These changes may have occurred manually via a managementtool used by lender personnel or automatically based on new loanaddition. Also, since individual branch offices can implement differentlending practices and manipulate different lending parameters than thosespecified by their parent organizations in the institution, theaffordability engines of these individual branch offices can beselectively synchronized, if necessary.

At a next block 1709, the availability of parallel affordability enginesis determined. If parallel affordability engines are operating, then, ata next block 1711, the changes are communicated to the parallel enginesbefore terminating the processing at a next block 1713.

FIG. 18 is a flow chart depicting exemplary loan processing in amulti-lender credit environment where different participating lendersemploy different qualification parameters and policies. At a block 1805,processing starts, and at a next block 1807, credit requests arereceived. Then, at a next block 1809, parallel processing of the creditrequest is initiated for each participating lender, starting with theextraction of parallel lenders qualification parameters at a next block1811.

At a block 1813, the individual lenders' requirement to executepre-qualification processing is determined. If it is determined to benecessary, pre-qualification analysis is performed at a next block 1815to determine if the credit request is within guidelines at a subsequentdecision block 1817. Otherwise, the need to execute a roughpre-screening of credit requests is determined at a next decision block1819. If a rough pre-screening is determined to be necessary, then arough qualification analysis is performed at a next block 1833 andsubsequently, at a decision block 1835, it is determined if the creditis within the guidelines for credit approval. If it is determined thatthe credit request is within guidelines for further consideration bylender, then, at a block 1837, the credit request is sent to a lender'ssystem (or multiple lenders' systems) for further consideration andprocessing is terminated at the last block 1839. Otherwise, the failureto qualify for credit is communicated to the requesting credit applicantat a next block 1831 before terminating processing at the block 1839.

If, at the decision block 1819, rough pre-screening is determined to notbe necessary, then, at a next block 1829, the credit request is sent toa lender's system (or multiple lenders' systems) for furtherconsideration, and processing is terminated at the last block 1839.

If, at the decision block 1817, subsequent to pre-qualificationanalysis, the credit application is determined to be within guidelines,then an attempt to close the transaction is made at a next block 1827before terminating processing at the block 1839. Otherwise, an attemptis made at a next decision block 1821 to determine if the creditapplication is within a gray area of parameters, and if so, then, at ablock 1823, the credit request is sent to lender's system (or multiplelenders' systems) for further consideration and processing is terminatedat the last block 1839. Otherwise, the failure to qualify for credit iscommunicated to the requesting credit applicant at a next block 1831,along with suggested changes to improve the buyer's credit situation,before terminating processing at the block 1839.

FIG. 19 is a flow chart depicting exemplary loan processing in amulti-lender credit environment where some credit applicants apply forcredit with cosigners in an attempt to improve their chances ofobtaining loans from lenders. At a block 1905, processing starts, and ata next decision block 1907, credit requests are received and thedetermination is made if the buyer is a single buyer or one seekingjoint ownership. If the buyer is determined to be a single buyer, then,at a next block 1915, the lender emails the buyer information regardingthe credit processing along with an offer to sell the results of thecredit processing activities to the buyer, before terminating theprocessing at a next block 1917.

It at the decision block 1907, it is determined that the buyer is not asingle buyer, then, at a next block 1908, it is determined if the buyersare attempting a joint ownership. If the buyers are attempting jointownership, then, at a next block 1909, both merged and independentaffordability analyses are performed for all buyers listed. Otherwise,assuming a co-signor based credit request (no joint ownership), anindependent affordability analysis of the co-signor is performed at anext block 1911. In either situation, a report is generated, at a nextblock 1913, detailing the various credit options, the qualificationrequirements and associated loan rates for the buyer, along with anexplanation of interest rate differences due to differences in the riskprofiles.

Subsequently, at a next block 1915, the lender emails the buyer an offerto sell the report created at the block 1913, before terminating theprocessing at a next block 1917.

FIG. 20 is a flow chart depicting functionality of a multi-lender creditand/or affordability system for assisting a lender in completing loanqualification and transaction completion for a previously initiatedtransaction session. At a block 2005, processing starts, and at a nextblock 2007, the system receives a buyer's reference number from alender's browser. The system uses the reference number to obtainpreviously stored buyer profile information. Upon request, the systemdelivers information about qualifications for credit, product andpricing information for goods/services, etc. Then, at a next block 2011,the system permits lender assisted qualification and transactioncompletion at a lender's site, with or without modification to thebuyer's profile information, i.e., the loan or good/service selected,for example. Finally, the processing terminates at the block 2013.

In view of the above detailed description of the present invention andassociated drawings, other modifications and variations will now becomeapparent to those skilled in the art. It should also be apparent thatsuch other modifications and variations may be effected withoutdeparting from the spirit and scope of the present invention.

The invention claimed is:
 1. A credit management system comprising: atleast one first web page presenting a plurality of different creditoptions from a respective plurality of different financial entities; atleast one second web page presenting a credit application; and a serversystem receiving input selecting one of the plurality of differentcredit options and input regarding the credit application, and causing acredit approval engine to analyze the credit application based on atleast one credit approval criterion of the selected one of the pluralityof different credit options, the server system automaticallycommunicating or supporting communication of an approval of the creditapplication if the credit application meets the at least one creditapproval criterion of the selected one of the plurality of differentcredit options.
 2. The credit management system of claim 1 wherein theserver system communicates an indication of the approval by one of anemail or at least one web page communicated from the server system. 3.The credit management system of claim 2 wherein the indication of theapproval comprises a credit offer.
 4. The credit management system ofclaim 3 wherein the server system stores the credit application and theindication of the approval in an approval database.
 5. The creditmanagement system of claim 4 wherein the credit application is deletedfrom the approval database after a predetermined time period if theserver system does not receive an acceptance within the predeterminedtime period.
 6. The credit management system of claim 1 wherein thecredit approval engine is that of one of the plurality of differententities corresponding to the selected one of the plurality of differentcredit options.
 7. The credit management system of claim 6 wherein thecausing comprises communicating the credit application to the one of theplurality of different entities corresponding to the selected one of theplurality of different credit options.
 8. A method performed by a serversystem for facilitating online financing, the method comprising:delivering for presentation on a client computing device, a creditapplication; delivering for presentation on a client computing device, aplurality of different credit options of a respective plurality ofdifferent financial entities; receiving from the client computingdevice, a selection of one of the plurality of different credit optionsof a respective one of the plurality of different financial entities;receiving from the client computing device, input regarding the creditapplication; causing a credit approval engine to analyze the creditapplication based on at least one credit approval criterion of theselected one of the plurality of different credit options; andcommunicating or supporting communication of at least an indication ofapproval of the credit application to the client computing device if thecredit application meets the at least one credit approval criterion ofthe selected one of the plurality of different credit options.
 9. Themethod of claim 8 wherein the at least an indication of approvalcomprises a credit offer, and further comprising receiving an acceptanceof the credit offer.
 10. The method of claim 8 wherein the communicatingis by one of an email or at least one web page communicated from theserver system.
 11. The method of claim 8 further comprising storing thecredit application in an approval database.
 12. The method of claim 11further comprising deleting the credit application from the approvaldatabase after a predetermined time period if the server system does notreceive an acceptance within the predetermined time period.
 13. Thecredit management system of claim 8 wherein the credit approval engineis that of one of the plurality of different entities corresponding tothe selected one of the plurality of different credit options.
 14. Thecredit management system of claim 13 wherein the causing comprisescommunicating the credit application to the one of the plurality ofdifferent entities corresponding to the selected one of the plurality ofdifferent credit options.
 15. A method performed by a server system forfacilitating online financing of transactions, the method comprising:delivering for presentation on a client computing device, a plurality ofdifferent products, each of a respective plurality of different sellers,the plurality of different products being offered for sale online;delivering for presentation on the client computing device, a pluralityof different credit options; receiving from the client computing device,a selection of one of the plurality of different products of arespective one of the plurality of different sellers; receiving from theclient computing device, a selection of one of the plurality ofdifferent credit options; vectoring, based on the selection, the clientcomputing device to a web page of a financial entity offering theselected one of the plurality of different credit options, for approvalof the selected one of the plurality of different credit options, theselected one of the plurality of different credit options comprising aloan defining a plurality of periodic equal payment amounts; andreceiving an indication of the approval.
 16. The method of claim 15wherein the indication comprises an indication that a transactioninvolving the selected one of the plurality of different products andthe loan has been completed.
 17. The method of claim 15 comprisingdelivering for presentation on the client computing device, a clientinterface, and receiving input creating a client profile via the clientinterface.
 18. The method of claim 17 comprising communicatinginformation regarding the client profile to the financial entityoffering the selected one of the plurality of different credit options.19. The method of claim 18 wherein the indication comprises anindication that a transaction involving the selected one of theplurality of different products of the respective one of the pluralityof different sellers and the loan has been completed, and comprisingupdating the client profile with information related to the transaction.20. The method of claim 15 wherein the indication comprises anindication that a transaction involving the selected one of theplurality of different products of the respective one of the pluralityof different sellers and the loan has been completed, and comprisingupdating a client profile with information related to the transaction.21. The method of claim 17 comprising communicating informationregarding the selected one of the plurality of different products of arespective one of the plurality of different sellers to a server systemof the financial entity.
 22. A method performed by a first server systemfor facilitating online financing of transactions, the methodcomprising: receiving personal information of a buyer, the personalinformation comprising credit related information; communicating to asecond server system of a financial entity, the credit relatedinformation; receiving from the second server system, an approval forfinancing and an indication of an amount the buyer can finance;supporting, in connection with a third server system, a transactioninvolving purchase by the buyer of a product based on financing providedby the financial entity; and receiving, via a buyer interface, inputfrom the buyer directing repayment of at least a portion of thefinancing provided by the financial entity.
 23. The method of claim 22comprising communicating to the third server system, at least anindication of the approval.
 24. The method of claim 22 wherein therepayment occurs from an account of the buyer.
 25. The method of claim24 wherein the repayment comprises an electronic funds transfer.
 26. Themethod of claim 22 wherein the repayment comprises an electronic fundstransfer.
 27. The method of claim 22 comprising receiving buyer profileinformation from the third server, and using the buyer profileinformation in supporting the transaction.
 28. The method of claim 22wherein the supporting the transaction comprises completing thetransaction.
 29. The method of claim 27 comprising communicating to thethird server system an indication of the completion of the transaction.30. The method of claim 22 comprising receiving information regardingthe product from the third server system, and using the informationregarding the product in supporting the transaction.
 31. The method ofclaim 29 wherein supporting the transaction comprises completing thetransaction.
 32. The method of claim 30 comprising communicating to thethird server system an indication of the completion of the transaction.33. The method of claim 22 wherein supporting the transaction comprisescompleting the transaction.
 34. The method of claim 32 comprisingcommunicating to the third server system an indication of the completionof the transaction.
 35. A method performed by a computing system tosupport financing of an online purchase, the method comprising:assisting in an offering for sale or offering for sale a plurality ofsales items, the offering for sale of the plurality of sales items beingcarried out via service of web page data to a buyer's computing devicefor a buyer; and receiving a loan based payment for a first of theplurality of sales items, the first of the plurality of sales itemsbeing selected via the buyer's computing device in response to at leasta portion of the web page data, the loan based payment being associatedwith a buyer's qualification dollar amount generated based on a realtime, online credit analysis, and the buyer's qualification dollaramount being delivered via the buyer's computing device to the buyer.36. The method of claim 34, comprising receiving the loan based paymentfrom a further computing system of a financial entity upon completion ofa transaction with the buyer involving the first of the plurality ofsales items.